{"id":401261,"date":"2019-10-13T04:08:41","date_gmt":"2019-10-13T04:08:41","guid":{"rendered":"https:\/\/wncen.com\/?p=401261"},"modified":"2024-06-11T13:31:02","modified_gmt":"2024-06-11T13:31:02","slug":"bitcoin-btc-price-weekly-forecast-8300-holds-key-for-fresh-increase","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-weekly-forecast-8300-holds-key-for-fresh-increase\/","title":{"rendered":"Bitcoin (BTC) Price Weekly Forecast: $8,300 Holds Key For Fresh Increase"},"content":{"rendered":"<ul>\n<li>After a sharp increase, bitcoin price corrected lower sharply below $8,500 against the US Dollar.<\/li>\n<li>The price is currently consolidating above the key $8,300 support area.<\/li>\n<li>There was a break below a key bullish trend line with support near $8,420 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price must stay above the $8,300 and $8,250 support levels to start a fresh increase in the near term.<\/li>\n<\/ul>\n<p><em>Bitcoin price is struggling to hold gains above $8,300 against the US Dollar. BTC needs to surpass the $8,500 and $8,550 resistance levels to continue higher.<\/em><\/p>\n<h2>Bitcoin Price Weekly Analysis (BTC)<\/h2>\n<p>This past week, BTC gained strong bullish momentum above the $8,300 and $8,350 resistances against the US Dollar. The BTC\/USD pair climbed more than 5% and broke the $8,500 and $8,700 resistance levels. Moreover, there was a close above $8,500 and the 100 simple moving average (4-hours). A new monthly high was formed near the $8,934 level and later the price started a <a href=\"https:\/\/wncen.com\/2019\/10\/11\/bitcoin-btc-price-dives-500-but-holding-key-support\/\" target=\"_blank\" rel=\"noopener noreferrer \">sharp downward move<\/a>.<\/p>\n<p>The price broke the $8,800 and $8,500 support levels. Additionally, there was a break below the 50% Fib retracement level of the upward move from the $7,763 low to $8,934 high. More importantly, there was a break below a key bullish trend line with support near $8,420 on the 4-hours chart of the BTC\/USD pair. The pair even traded below the $8,350 support area.<\/p>\n<p>At the moment, the price is consolidating losses above the <a href=\"https:\/\/wncen.com\/2019\/10\/10\/bitcoin-btc-shows-signs-of-important-reversal-8-8k-next\/\" target=\"_blank\" rel=\"noopener noreferrer \">$8,300 support area<\/a>. It seems like there is a strong support forming near the $8,300 level and the 100 simple moving average (4-hours). Moreover, the 61.8% Fib retracement level of the upward move from the $7,763 low to $8,934 high is also near the $8,300. If there is a downside break below the $8,300 support area, bitcoin price could move back into a bearish zone.<\/p>\n<p>The next key support area is near the $8,250 level, below which it could move towards the $8,000 level. On the upside, there is a major hurdle forming near the $8,500 and $8,550 levels. A convincing close above the $8,550 resistance area could set the tone for more upsides in the coming sessions.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-10.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-401262\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-10.png?resize=1188%2C509\" alt=\"Bitcoin Price Weekly Analysis (BTC)\" width=\"1188\" height=\"509\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-10.png?w=1188 1188w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-10.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-10.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-10.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-10.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-10.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is currently consolidating above the key $8,300 support area. As long as there is no daily close below $8,300, there are high chances of a fresh increase above the $8,500 resistance area in the near term.<\/p>\n<h2>Technical indicators<\/h2>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is likely to move back into the bullish zone.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently below the 50 level, with a positive angle.<\/p>\n<p>Major Support Level \u2013 $8,300<\/p>\n<p>Major Resistance Level \u2013 $8,500<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After a sharp increase, bitcoin price corrected lower sharply below $8,500 against the US Dollar. The price is currently consolidating above the key $8,300 support area. There was a break below a key bullish trend line with support near $8,420 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The price must stay above the $8,300 and $8,250 support levels to start a fresh increase in the near term. Bitcoin price is struggling to hold gains above $8,300 against the US Dollar. BTC needs to surpass the $8,500 and $8,550 resistance levels to continue higher. Bitcoin Price Weekly Analysis (BTC) This past week, BTC gained strong bullish momentum above the $8,300 and $8,350 resistances against the US Dollar. The BTC\/USD pair climbed more than 5% and broke the $8,500 and $8,700 resistance levels. Moreover, there was a close above $8,500 and the 100 simple moving average (4-hours). A new monthly high was formed near the $8,934 level and later the price started a sharp downward move. The price broke the $8,800 and $8,500 support levels. Additionally, there was a break below the 50% Fib retracement level of the upward move from the $7,763 low to $8,934 high. More importantly, there was a break below a key bullish trend line with support near $8,420 on the 4-hours chart of the BTC\/USD pair. The pair even traded below the $8,350 support area. At the moment, the price is consolidating losses above the $8,300 support area. It seems like there is a strong support forming near the $8,300 level and the 100 simple moving average (4-hours). Moreover, the 61.8% Fib retracement level of the upward move from the $7,763 low to $8,934 high is also near the $8,300. If there is a downside break below the $8,300 support area, bitcoin price could move back into a bearish zone. The next key support area is near the $8,250 level, below which it could move towards the $8,000 level. On the upside, there is a major hurdle forming near the $8,500 and $8,550 levels. A convincing close above the $8,550 resistance area could set the tone for more upsides in the coming sessions. Looking at the chart, bitcoin price is currently consolidating above the key $8,300 support area. As long as there is no daily close below $8,300, there are high chances of a fresh increase above the $8,500 resistance area in the near term. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is likely to move back into the bullish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently below the 50 level, with a positive angle. Major Support Level \u2013 $8,300 Major Resistance Level \u2013 $8,500<\/p>\n","protected":false},"author":67,"featured_media":344599,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-401261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price Weekly Forecast: $8,300 Holds Key For Fresh Increase<\/title>\n<meta name=\"description\" content=\"Bitcoin price is struggling to hold gains above $8,300 against the US Dollar. 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